How to deal with delinquent credit card debt

Living in Knoxville means you are no stranger to hard work. There is nothing wrong with you wanting the finer things in life. But if you have racked up a ton of credit card debt to get those things, then you may be facing some gut-wrenching decisions to improve your financial situation. No matter what you decide, it is possible for you to overcome this ordeal.

Here is a breakdown of ways you can get your credit card debt under control to improve your circumstances.

Put away your credit cards

If you are still relying on your credit cards for minor purchases, you may have a hard time getting those balances to go down. Put away your cards so you cannot use them. If you cannot resist the urge to leave them alone, you may need to close those cards out so you cannot rack up any more credit card debt. Bear in mind that closing your credit cards may hurt your credit scores, but not as much as having a seriously delinquent payment history.

Track your spending habits

Excessive spending and poor money management skills may be the reasons you are dealing with high credit card bills. But you can improve your spending habits to avoid this situation in the future. Examine your spending habits and make a note of the behaviors that entice you to spend money needlessly. Come up with a reasonable plan to keep from reaching into your wallet when it is not necessary for you to do so.

Contact your creditors

Call your creditors and ask them if you can make smaller payments on your balances. Explain your situation to them. Some creditors are understanding and may be willing to work with your situation. Others may not. Get documentation of all agreements before you make any payments. If any of your creditors are unable to accommodate your situation, you may need to consider using a debt consolidation program or filing for bankruptcy.

Racking up credit debt is easy. Paying it off is the hard part, especially when you have other financial obligations. If you are struggling to pay your credit debt, you should speak to an attorney about your situation to learn your options.